Treasurer Wayne Swan says the Government will not be issuing any blank cheques to prop up Australia's aluminium industry.

Victorian Premier Ted Baillieu held talks with Alcoa management this morning to discuss the threat of job losses at Alcoa's Geelong aluminium smelter.

The 600 workers at the plant are waiting to hear if it will be shut down after Alcoa management said that high costs and the strong dollar were making it unprofitable.

Union bosses have called for the Federal Government to do more to rein in the dollar to help Australian exporters.

But Mr Swan says the Government cannot promise any money to keep the Point Henry smelter open.

"I'm not necessarily signing up for any cheque at all," he said.

"They've got this challenge at the moment with low international prices, a surplus of product on a global market which reflects global economic weakness, whilst at the same time domestically what we've got is a high dollar."

You have no doubt been hearing a lot about the Paris Agreement and know that it pertains to climate change, but are too embarrassed at this stage to ask for an overall explanation of what it's all about.